Income tax reurn filling

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2011 Dear Sir,
if i am in a profession of account writing as well as LIC Agent. At the time of return filling there were a special provision for LIC commission received. instead of utilizing this provision may i show my commission income as well as expenditure into profit & loss account or it is mandatory to show in the special provision manner.
kindly guide me.
Thanks n Regards,

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 August 2011 If you want to claim more expenditure on commission income then prescribed in special provisions, the same may be disallowed. LIC Agents can not substantiate the expenditure incurred as far as I know, so where ever special provisions are there, one has to take advantage of that. In case your LIC commission income exceeds Rs. 60000/- , you have to go through P&L A/c Method.

Further, option to show LIC Commission income U/s 44AD may also be thought for.

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